Monthly median sales price fell a modest 2.0% in April 2026, the first time since May 2023. What is more significant is the last year-over-year monthly price drop before that was in January-February 2012. Nationally, median home price for existing homes rose 1.4%.
The flip side to what is going down is what is going up. Inventory is continuing to rise, up 7.2% in April 2026.
New listings and pending sales are going up, while closed sales in April that pended earlier in the year were down a bit. Expect them to rise again as pending sales close.
Months supply of inventory, which measure not just the number of homes for sale but also the rate at which they are selling increased again in April 2026… up 8.3% to 2.6 months supply.
Days on market before pending increased 14.1% in April 2026, to 57 days. Percent of list price received fell in April, but only a modest 0.2%. This was likely enough to impact the median sales price however, which also fell 2.0%, to $392,000 after maintaining a steady year-over-year price the last two months.
The drop in median sales price was in spite of continued demand resulting in multiple offers on at least 17.7% of closed sales transactions… the most since 2022.
Homes at both ends of the price spectrum have more than a 6 month supply for the first time in a long time. Homes in the $250k-$350k starter home range are in lowest supply at 1.9 months. Condos continue to have more than twice the supply of single family houses.
Supply of previously owned homes shows greater year-over-year growth than new construction, which appears to be selling their spring supply very well.
The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors.
Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.
Check with your Realtor for information on what is happening in your neighborhood.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
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